Every penny counts

Five ways you could be wasting money.

By Fusion Lifestyle Reporter
April 20, 2012, 12:04 pm
Every penny counts

To really know how to save money you have to be totally skint.

Fortunately (well for you anyway) I am.

Here’s what NOT to do if you want to save some money.

Try not to borrow from pay day lending companies

You have heard the claim. ‘Need some money before your pay check? Then call us right away’. There has been a boom in short-term lending companies in the past two years. Our quote from one such company is based on us borrowing just £500.

Total you pay back next pay day: £625! That’s an annual interest rate of 300%! Tempting yes, but when you are struggling to pay money as it is you don’t want to fork out £125!

Don’t go over your overdraft limit

I know this is a tough one. But those banks are out to stiff you one way or another. Say you have an agreed overdraft limit of £400. You go over it and they charge you a horrible £18. Do whatever you can not to go over that limit because you are literally giving that money away. And the worse thing ever. You end up at £390 overdrawn at the end of the month and forget they are taking the £18 charge a week before your next deposit. They then will charge you another £18 even though it was them that put you into that mess!

Remember what your direct debits are

This is an easy one to ignore. A report out recently stated that More than a third of people who use direct debits to manage their money are unaware exactly how much cash is leaving their account each month. Comparison website MoneySupermarket.com found that 38% of those who use such payments to manage their bills do not know the precise amounts, suggesting some could be wasting their money. They found 7% of respondents spotted a debit they had forgotten about when checking their statements.

Don’t get shafted on the mobile phone bill.

You start off by paying £25 a month but when you get you bill it is always over the £40 mark? Something is not quite right. You would be surprised by the number of people who go over their minutes or texts but live with it. Well, the big thing now is data! 

The Communications Ombudsman said the a big compliant from customers was the charges they incurred when they go over their data usage. And check this – Some phone packages offer “unlimited” downloads and you think can do what you want.

But you may fail to realise that there is a small asterisk next to the word ‘unlimited’ which refers to small print stating that there is in fact a limit which, if exceeded, will incur further charges.

Mobile phone bills are in my opinion the single biggest way most of us skint folk lose money because we are lazy!

Walk somewhere if it is less than half a mile!

I have a car…but even I walk sometimes! New research reveals that despite the soaring cost of fuel, 11.4 million (30 per cent) motorists still use their car regularly to make journeys of less than half a mile says Santander.

These one-minute road-trips are costing UK motorists an estimated £1.1 million each week. Younger drivers are by far the biggest culprits, with 38 per cent of motorists aged 18-34 making these half mile guilty trips at least once a week.

Basically what the research is saying is that you lot a bunch of lazy so and so’s!

Tags: your, money, every, penny, counts,

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